It is the policy of Georgia Institute of Technology to manage all funds received in accordance with applicable federal, state and local laws and with the specific terms and conditions of any gift, grant and contract. The Institute’s approval, negotiation and agreement processes and mechanisms, accounting, budget practices, and oversight differ depending on whether the funds are categorized as a gift or as a sponsored award.
This policy applies to all Georgia Tech faculty and staff members.
The terms gifts and sponsored agreements (grants, contracts or cooperative agreements) are often used interchangeably, however it is important that categorization of external funding received be undertaken with care and concern with the considerations listed below.
|5.1 Sponsored Agreements|
|Sponsored projects are established when funds are awarded to the Institute by external sources in support of research, instruction, training, or services under an agreement that includes any one of the following:||
|5.2 Gifts (via Development Office – Foundation Relations)|
|A gift is an unconditional, voluntary, non-reciprocal transfer of assets (including unconditional promises) from a private entity to a not-for-profit organization. The donor may have certain expectations but there cannot be any actual control over expenditure of funds or any quid pro quo. The donor may not benefit from the execution of the gift. Gift accounts are established when funds are received from outside sources that are for unrestricted use and are free of the constraints or obligations of sponsored projects as described above. Acceptance of a gift usually precludes any accounting and reporting by the Institute.|
If you have any questions regarding the above terms, please contact the Office of Sponsored Programs at 404.894.6937 or the Office of Foundation Relations at 404.894.2481.